In 2008, the National Assembly adopted a law that requires all mortgage brokers within the province of Quebec to gain a legal license. Presently, the Organisme d’autoreglementation du courtage immobilier du Quebec regulates all mortgage brokers and brokerage activity. This organization also issues Quebec mortgage broker licenses. Without a valid license, a mortgage broker cannot practice within the province of Quebec. It is highly recommended that all consumers ask to view a broker’s license prior to working with any broker.
Getting a great rate on a mortgage in Quebec is largely a matter of accumulating enough money for a down payment. Many properties require a 20% down payment, while other properties require at least 5%. First time home buyers may qualify for special mortgage rates. To find out if you qualify for a first time home buyer rate, speak with a mortgage professional. Within the province of Quebec, it is not possible to gain a mortgage of any kind without a down payment. To find a licensed mortgage broker, look through the brokers that we have listed below. You will find that our brokers are listed according to area, which makes finding a broker near you easier. By gaining a few quotes from different brokers, you can find the right mortgage rate for you. |
